Overview of business language

A jointly owned commercial venture formed when a number of people in the same industry combine.

a business cost, such as flour at a bakery, that varies with the level of output produced.

The economic problem of having seemingly unlimited human wants in a world of limited resources

A group of people or organisations that a product is deliberately aimed at.

The organisation that sells the franchising agreement to the franchisee

The amount required as payment for something offered for sale.

The amount of money coming into and out of a business in any given period of time.

The person who signs the franchise agreement, thereby opening their own business.

Business costs, such as rent, that are constant whatever the amount of goods produced.

An economic theory where an increase in price results in an increase in quantity.

Revenue - expenses =

The value attached to a business linked to its reputation

An economic theory where an increase in price results in an decrease in quantity.

An organisation which operates in the same market or industry as another.

A measure of efficiency measured in terms of the rate of output per unit of input.

A person who purchases goods or services to satisfy needs or wants.

The skills, knowledge, and experience possessed by an individual or population

An organisation that buys and sells goods or services to make a profit.

The process when an organisation gains a legal title and becomes a separate entity

The subset of the market on which a specific product is focused. It is usually a small group.